Buffalo-Based Partnership Acquires Drexel Hill Apartments
Village of Williamsville Property to be redeveloped
The Green Organization, known for luxury apartments and townhouses in the Buffalo area, and Nostra Development the sister company to Total Wrecking, who is known for projects and real estate holdings in Western New York and Florida, have formed a partnership to acquire properties in the region. Green and Nostra are especially focused on value-add improvements and redevelopments. They closed on their first major property June 15. The partnership acquired the Drexel Hill Apartments in the Village of Williamsville for $13.5 million.
10 Acres in the Heart of Williamsville
Drexel Hill Apartments comprises 156 units on 10 acres and is located at 203 Evans St, Williamsville, NY 14221. The seller, General Realty Associates Inc., owned and operated the property for more than 57 years. The apartment development consists of 33 buildings that offer 1- and 2-bedroom units from 750 to 850 square feet, along with 93 detached garages. Drexel Hill includes 124,000 total square feet. Drexel Hill was originally built in 1966 and has undergone some remodeling over the past few years.
The Green Organization and Nostra Development are planning a major redevelopment of the site and the exterior and interiors of the apartments. Improvements will include new kitchens and baths with granite countertops, updated flooring, modern finishes, and new windows. Exterior improvements will include new landscaping and upgrades. Common hallways will also be modernized. Project costs for renovations and redevelopment are still being estimated. The full redevelopment is expected to take three years.
Drexel Hill Apartments is a well-managed multi-family property in a prime suburban location to Buffalo in the Village of Williamsville. The partnership is thrilled to be building on the legacy of the former family owner through our Buffalo-based family-owned companies.
The partnership between The Green Organization and Nostra Development is actively seeking additional acquisitions in the Northeast and Southeast markets and is specifically focused on redevelopment, in-fill and value-add real estate opportunities. Green recently built the new Forest Green Apartments in East Amherst and completely renovates over 80 apartments annually. The Bodami family, owners of Nostra Development and Total Wrecking were integral in the redevelopment of the Northland Corridor workforce training center in Buffalo and are currently working on two redevelopment projects in Tonawanda. Total Wrecking, known for demolition, environmental and site services, is a family owned and operated company in Buffalo.
“While Total Wrecking is well-known for our demolition experience, our new entity Nostra Development will be focused on redevelopments,” said Frank Bodami, Sr. owner and CEO of and Nostra Development. “We are looking forward to continuing to invest in the Buffalo region and beyond with our long-planned partnership with the Greens.”